ECA Marcellus Trust I is a statutory trust that holds royalty interests in 54 natural gas wells in Greene County, Pennsylvania, in the Marcellus Shale formation. The trust holds royalty interests in 14 originally producing wells and 40 development wells, with no additional wells to be drilled. The trust does not operate wells or conduct any business activities — its sole purpose is to collect royalty income, pay trust expenses, and distribute remaining cash to unitholders quarterly. The trust earns income by receiving a percentage of net proceeds from natural gas sales. For the 14 producing wells, the trust receives 90% of net proceeds for the first 20 years from April 1, 2010, and 45% thereafter. For the 40 development wells, the trust receives 50% of net proceeds for the same initial period, and 25% thereafter. Greylock Production operates the wells and markets the gas through its affiliate, Greylock Midstream. The trust bears no development or operating costs, but distributions are reduced by post-production costs covering gathering, compression, transport, processing, and marketing, as well as pipeline transportation costs. Key distribution drivers are realized natural gas prices, production volumes, post-production costs, and trust expenses. Because the trust is backed by depleting reserves, a portion of every distribution represents a return of capital. The trust has a fixed termination date of March 31, 2030, and will dissolve earlier if gross proceeds over any four consecutive quarters fall below $1.5M.